Providing Details of Continued Negotiations on Recovery Plan on CNN

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... >>> we're back with breaking news on the election center. minutes ago, house snort leader hoyer said for any kind of bailout to work, the deal mass got to be bipartisan. he is up on capitol hill tonight for the continuing negotiations and taking a minute out of the very, very precious time to talk with us. thank you very much for your time. we know how busy things are. you were at a press conference with the chairman of the house financial services committee barney frank at which he said, clearly, john mccain slowed this process down during that white house meeting. would you concur? >> well, i don't think that's the issue. he was asked that question. that was his comment. you're accurate. the focus needs to be how we go forward from this point in time. i don't think the meeting with senator mccain was particularly useful. i'm not sure why that was included. neither senator obama or senator mccain had been involved. senator obama reached out to senator mccain to help restore confidence and calm. i'm not sure that the meeting did that. >> can i ask you what senator mccain did to that meeting to as congressman frank said slow things down? >> senator mccain, i think what congressman frank meant by that comment was senator mccain made the observation the house republicans certainly had the right to come up with alternatives, obviously, nobody needed to be informed of that. clearly they do have that right but we have been working together for seven days at the request of secretary paulson, chairman bernanke and the president to work on getting an agreement. because the crisis confronts the country of financial stability and confidence. >> so what happened today? >> -- working together was critically important. as you saw earlier today, senate and the house democrats and republicans came together and said that they thought we had an agreement and a way forward. this afternoon, house republicans determined that was not the case. >> so what did the sticking points here? have they told you what they want? what they need in the deal to be able the sign on to it? >> no. they have not. and nor have they given that to barney frank, our chairman, of the committee. apparently they did not mention this to secretary paulson or chairman bernanke yesterday when we had hearings in the house on this issue. and a number of the people who are apparently proponents of the alternative were in the room but let me stress we have a crisis confronting the country. we need to work together to try to solve this crisis and respond to it. the president sent down a bill, secretary paulson sent it down saturday morning. that's early saturday morning. we have been working ever since to improve the bill to put in taxpayer protections, oversight committee to make sure that taxpayers could be included in any upside and equity. >> what happens tonight? we understand the fred chairman and treasury secretary are meeting with y'all. >> i don't think they're meeting with y'all. i think they're meeting with the house republicans. is my understanding, and they don't have a meeting scheduled with us. i'm sure we'll talk tomorrow but coming up to talk to the house republicans who have frankly not supported in any degree of numbers the administration's request or secretary paulson's request unlike, by the way, the senate republicans which have. and i think the senate republicans, the senate democrats and the house democrats are essentially trying to work this issue so we can respond as quickly as possible. but we're going to be here tomorrow. saturday, sunday. we're going to be trying to work this thing so that we can respond to this crisis. >> keep watching it. congressman hoyer of maryland, thank you for being with us tonight. >> thank you. >>> let me turn to senator richard shelby. he left the white house meeting and told reporters we have not got an agreement. there's still a lot of different opinions. senator shelby, good to talk to you tonight. where does this all stand? >> well, it is in limbo right now. i was at the meeting at the white house for -- went on for an hour or so and of course, i voiced my opposition to the fundamental problems with the paulson plan and made everybody realize that i didn't support the paulson plan. i thought it was fundamentally flawed. that i wished we would look at some other plan and came out with no agreement and i don't know what will happen but i want to share with you -- >> sure. go ahead. >> i have in my hand a letter with over 200 of the most imminent economists in the united states of america, from university of chicago, harvard, yale, stamford you maim it, ...